v3.26.1
BUSINESS SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Areas
The table below presents the following for the periods presented: revenues, disaggregated by segment, reconciled to consolidated revenue; segment expenses, including significant expense categories and amounts that align with segment-level information regularly provided to our CODM; and segment Adjusted EBITDA reconciled to Net income attributable to common stockholders.
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
($ in millions)
Vacation
Ownership
Exchange & Third-Party ManagementTotalVacation OwnershipExchange & Third-Party ManagementTotalVacation OwnershipExchange & Third-Party ManagementTotalVacation OwnershipExchange & Third-Party ManagementTotal
Revenues from external customers$1,260 $54 $1,314 $1,188 $53 $1,241 $2,453 $111 $2,564 $2,323 $111 $2,434 
Reconciliation of revenues
Corporate and other(1)
6 5 13 12 
Total consolidated revenues$1,320 $1,246 $2,577 $2,446 
Cost of vacation ownership products(43)— (41)— (89)— (83)— 
Marketing and sales(281)— (237)— (523)— (471)— 
Management and exchange(73)(28)(76)(29)(145)(58)(148)(58)
Rental(143)— (129)— (286)— (255)— 
Financing(2)
(42)— (37)— (83)— (73)— 
Royalty fee(29)— (28)— (57)— (56)— 
Other segment items(3)
(403)(4)(409)(1)(836)(7)(785)(2)
Segment Adjusted EBITDA
246 22 268 231 23 254 434 46 480 452 51 503 
Corporate and other(1)
(53)(51)(104)(108)
Interest expense, net(2)
(43)(42)(87)(82)
Depreciation and amortization(32)(38)(66)(76)
Share-based compensation expense(12)(12)(22)(19)
Amortization of cloud computing software implementation costs
(2)(1)(3)(2)
Certain items
(12)(16)(39)(21)
Provision for income taxes(37)(25)(60)(70)
Net income attributable to common stockholders$77 $69 $99 $125 
(1)Corporate and Other consists of results that are not allocable to our segments, including company-wide general and administrative expenses, and transaction and integration costs. In addition, Corporate and Other includes revenues and expenses from Consolidated Property Owners’ Associations. Our CODM does not use this information for operating segment resource allocations.
(2)Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the three and six months ended June 30, 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $2 million and $5 million for the three and six months ended June 30, 2026, respectively, and $3 million and $7 million for the three and six months ended June 30, 2025, respectively.
(3)Other segment items include cost reimbursements, share-based compensation, amortization of cloud computing software implementation costs, and other.